BlackRock has received a commercial license to operate in Abu Dhabi and plans to seek regulatory approval to operate from the Abu Dhabi Global Market (ADGM).
The new office is expected to allow the firm to work more closely with sovereign wealth funds, wealth managers and investment vehicles based in Abu Dhabi, BlackRock said.
“Abu Dhabi has rapidly transformed into a global financial center. Its strategic location, proactive government policies, and commitment to sustainable growth make it an ideal location for capital markets,” said Charles Hatami, Head of the Middle East, and Global Head of the Financial & Strategic Investors Group at BlackRock, in a statement.
“Our presence in ADGM will enable us to better serve our clients around the world on whose behalf we engage with sovereigns, wealth managers and specialist investment vehicles based in Abu Dhabi, operating in sectors such as infrastructure, renewable energy and technology.”
Hatami added that the company’s focus in the region is on “private markets, including AI infrastructure and transition-focused solutions.”
BlackRock has already made significant investments in the UAE. The firm has partnered with Abu Dhabi’s Sheikh Tahnoon bin Zayed Al Nahyan to invest in the build-out of data warehouses and energy infrastructure in the emirate.
With $11.5 trillion in assets under management, the investment firm has shown a rising interest in expanding into the GCC region. Earlier this month, BlackRock secured approval to establish its regional headquarters in Riyadh, in a move that would allow the fund to benefit from the rules requiring that government entities and funds solely partner with foreign companies with a regional HQ in the Kingdom.
Earlier this year BlackRock appointed Mohammad AlFahim as Head of the UAE, while Ben Powell relocated to the region to serve clients as BlackRock Investment Institute’s first Chief Middle East & APAC Investment Strategist.
